Encryption wallet hardware maker Ryder has secured $3.2 million in funding from Tim Draper and other investors.

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Ryder announced the completion of a $3.2 million seed round financing, which will be used to enhance the production of its flagship product Ryder One, expand its marketing efforts and engineering team, and further develop product features. This round of financing was led by renowned venture capitalist Tim Draper, with other participating investors including Borderless Capital, Semantic Ventures, Smape, VeryEarly, Solana co-founder Anatoly Yakovenko, and Asymmetric CEO Joe McCann.

Introduction to Ryder One

Louise Ivan Payawal, the founder and CEO of Ryder, stated that in light of her personal experience with the complexities of using traditional cryptocurrency wallets, she hopes to develop a more innovative wallet to enhance user protection. Ryder's flagship product “Ryder One” is a self-custody cryptocurrency hardware wallet designed to simplify the process of cryptocurrency transactions. The innovative TapSafe technology is claimed to help users provide high-level encryption security in 60 seconds or less, allowing users to easily and securely manage and use digital assets.

Ryder has launched an innovative TapSafe technology solution.

Payawal emphasizes that the crypto community has long relied on mnemonic phrases as a single point of protection for user assets. However, if users forget or lose their mnemonic phrases, the security of the entire wallet cannot be guaranteed. To address this issue, Ryder One has launched the TapSafe recovery solution, which is a backup system for crypto wallets that distributes backup data across mobile phones and NFC recovery tags the size of a coin, while requiring the hardware to be gathered together for recovery. This design not only has redundancy but also effectively eliminates the single point of failure problem associated with seed phrases.

Ryder's CTO Marvin Janssen stated that Ryder's goal is to simplify the cryptocurrency trading experience to be as natural as clicking on a mobile phone. By rethinking recovery mechanisms and simplifying the overall user process, Ryder One provides users with an easy-to-use, secure, and reliable solution that allows them to confidently own and use cryptocurrencies anywhere.

Tim Draper is optimistic about Ryder's future development.

According to reports, the new round of funding will be used to upgrade the hardware wallet features and promote the brand's global expansion, attracting more cryptocurrency users through enhanced marketing. Tim Draper, founder of Draper Associates, stated that what is most urgently needed in the cryptocurrency field is a simple and secure hardware wallet solution. The setup process for Ryder One takes no more than a minute and uses an offline design, ensuring the security of user assets.

Julien Neree, the product director of Ryder, stated that Ryder will continue to innovate its products and further expand the application scenarios of Ryder One in the future, achieving a seamless connection between hardware wallets and real-world transactions through supporting applications.

This article reports that the hardware wallet manufacturer Ryder has secured $3.2 million in funding from Tim Draper and other investors, first appearing on Chain News ABMedia.

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